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Loans | January 09
Top Home Loan Benefits for Women in India

Buying a home is a key financial decision and it becomes even bigger when taken by a
woman. With them reaching the sky in their careers, there has been a significant rise in the
number of women home-buyers in the last decade. 

With this revolutionary shift, there are
plenty of benefits and schemes provided to encourage this financial decision by women.

1. Interest Rates: There are special interest rates and discounts available for women
applying for a home loan from major banks and NBFCs. The application should be in
the name of the woman or she should be a co-borrower of the same to enjoy these.

2. Eligibility Criteria: There are simple eligibility criteria like being an Indian citizen
between age 23 and 58 with 3 years of working experience.

3. Lower Stamp Duty: As compared to others, women can enjoy a lower stamp duty of
about 1-2% in most of the states. This is a significant amount when applied to the
huge cost of the property.

4. Benefits as a co-borrower: As a matter of fact, women are considered to be more
trustworthy when applying for loans. This makes the sanction process easier and
faster to deal with.

5. Choose long payment tenure: There is also an option to select the longer payment
period which ensures low EMIs and lesser stress on the finances. 
 
6. Tax Benefits: They can enjoy the tax benefits in the form of home loan tax deductions
of up to Rs. 3.5 lakhs with segregation of Rs. 1.5 lakhs under Section 80 C and Rs. 2
lakhs under Section 24(b).

7. PMAY benefits: With Pradhan Mantri Awas Yojna, a government initiative, any
home application applied with a woman as a co-owner is eligible for an interest
subsidy up to Rs. 2.67 lakhs.

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Important Message The information contained in this file is provided for informational purposes only, and should not be construed as legal advice on any matter. The content and interpretation of the law addressed herein is subject to revision. We disclaim all liability in respect to actions taken or not taken based on any or all the contents of this file to the fullest extent permitted by law. Every effort is made to avoid errors. In spite of that, errors and discrepancies may creep in. It is expressly stated that neither Findoc Investmart Private Limited nor any of the contributors of updates will be responsible for any damage to anybody on the basis of this document. Readers are, therefore, requested to cross check with the original sources e.g. Government publications, Orders, Judgments etc., before taking any action or making any decision. These services are being provided through our group companies Findoc Capital Mart Pvt Ltd and Findoc Finvest Private Limited

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